Tom Lee’s BitMine Launches Ethereum Staking Platform MAVAN

The Tom Lee-Chaired former bitcoin miner announced the launch of the Made in America VAlidator Network (MAVAN) platform, which will serve as a proprietary institutional-grade ETH staking resource.

The statement follows the most recent Ethereum purchase made by the company, which increased its total holdings to well over 4,660,000 tokens.

MAVAN Debuts

The press release shared by the company earlier today reads that the new product is designed to serve as the “premier Ethereum staking destination for institutions, with a focus on security, performance, and resilience.” It combines US-based infrastructure for institutions requiring domestic validation with a “flexible, globally distributed architecture to support clients worldwide.”

MAVAN was initially developed to support the company’s own ETH treasury, but it will now expand to serve institutional investors, custodians, and ecosystem partners seeking such staking infrastructure.

BitMine Keeps Buying

Earlier this week, BitMine also updated about its portfolio changes, which included a new purchase of ETH. With it, the company’s stash has grown to 4,660,903 ETH. In addition, the firm owns 196 BTC, a $200 million stake in Beast Industries, and a $95 million stake in Eightco.

Although it continues to be deep in the red on its Ethereum position, given the asset’s price calamity over the past several months, BitMine’s total holdings are worth approximately $11 billion, which includes just over $1 billion in cash.

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